EURNOK is higher on back of the Forges Bank announcement on Thursday that its daily purchases of foreign currencies in April would be NOK2000 mn and with lower oil prices after the US announcement that it would release oil from its strategic reserve. I think the move could extend further, as the market has been biased to trade NOK from the long side. Renewed upward momentum in USD should also be supportive. Keep an eye on the 1.640/50 level in NOKSEK; the 50dma comes in around there, plus the uptrend dating back to December. That level held on the first test Thursday. - UBS Strategy
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